The global laboratory information management systems (LIMS) market is expected to reach USD 1,355.0 million by 2023 from USD 747.3 million in 2018, at a CAGR of 12.6%. The growth of this market can be attributed to the increasing use of LIMS to comply with stringent regulatory requirements, increasing focus on improving the efficiency of laboratories, increasing R&D expenditure in pharmaceutical and biotechnology companies, and growing adoption of cloud-based LIMS.
The LIMS market is fragmented, with the presence of several large as well as emerging players. In 2017, LabWare (US), Thermo Fisher Scientific (US), Abbott Informatics (US), and LabVantage Solutions (US) were the leading players in the laboratory information management system market. Other major players include LabLynx (US), Autoscribe Informatics (US), Computing Solutions (US), GenoLogics (Canada), LABWORKS (US), Dassault Systèmes (France), Siemens (Germany), and Accelerated Technology Laboratories (US).
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LabWare (US) is one of the prominent players in the LIMS market in 2017. This leading position of the company can be attributed to its strong brand recognition and extensive product portfolio. The company provides scalable, end-to-end solutions to various industries, such as pharmaceuticals, environmental testing, contract labs, forensics, chemical/petrochemical process, public health, clinical research, food, and biobanking. The company focuses on launching technologically advanced products and upgrading its existing ones with the help of inputs from clients. LabWare designs products according to the functional needs of end users and offers industry-specific template solutions that serve as prepackaged initiation points for project implementation. The company leverages its customer’s experience and inputs to deliver the best possible solutions, for example, in March 2015, the company introduced the latest version of its LIMS-LabWare 7. The LabWare 7 solution delivers comprehensive capabilities of both LIMS and ELN in a single integrated system.
Abbott Informatics (US) accounted for the second largest share of the LIMS market in 2017. To maintain its leading position, the company has adopted organic growth strategies such as product launches and upgrades, which enable it to expand its product portfolios in the market. For example, in April 2018, the company launched the STARLIMS Public Health Solution PH12.0, this enables laboratories to deliver high-quality and safe products faster to the market. In the same month, the company also launched a new version of its technology platform STARLIMS Forensic Solution 7.1—to maximize forensic laboratories’ potential. Such developments help the company to strengthen its position in the market and to cater to a varied set of industries such as life science, chemical, food & beverage, and agriculture.
Product launches and upgrades accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018. Some of the companies that adopted this strategy include LabWare. Thermo Fisher Scientific, Abbott, LabVantage Solutions, Autoscribe Informatics, Computing Solutions, GenoLogics, LABWORKS, and Accelerated Technology Laboratories.